Yes. When applying for registration, an applicant shall demonstrate fiscal responsibility by providing evidence to the Division that the residential vocational or life skills program is financially sound and reasonably has the fiscal ability to fulfill commitments and obligations to the participants of the residential vocational or life skills program.
For a program that has been in operation less than one fiscal year the requirements is pro forma financial statements until further information is available and a commercial credit report for the program.
For a program that has completed a fiscal year, a current financial statement, with all applicable footnotes, for the most recent fiscal year, including a balance sheet, a statement of income, a statement of retained earnings, a statement of cash flow, and a certified fiscal audit of the program’s financial statement; performed by a certified or licensed public accountant.
The Division may require evidence of financial status at other times when it is in the best interest of the program participants to require the information. The Division may also perform a fiscal audit of the program.